Pollards of Newark Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07555407 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2023

FOR

POLLARDS OF NEWARK LIMITED

TRADING AS

DRYCLEAN PLUS

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A S Pollard

REGISTERED OFFICE:

Ossington Chambers

6/8 Castle Gate

Newark

Nottinghamshire

NG24 1AX

REGISTERED NUMBER:

07555407 (England and Wales)

ACCOUNTANTS:

Stephenson Nuttall & Co

Chartered Accountants

Ossington Chambers

6-8 Castle Gate

Newark

Nottinghamshire

NG24 1AX

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

10,772

9,144

10,772

9,144

CURRENT ASSETS

Stocks

1,914

1,444

Debtors

6

43,947

49,784

Cash at bank

4,058

9,550

49,919

60,778

CREDITORS

Amounts falling due within one year

7

40,442

40,996

NET CURRENT ASSETS

9,477

19,782

TOTAL ASSETS LESS CURRENT LIABILITIES

20,249

28,926

CREDITORS

Amounts falling due after more than one year

8

(18,441

)

(27,494

)

PROVISIONS FOR LIABILITIES

9

(1,731

)

(1,352

)

NET ASSETS

77

80

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

76

79

SHAREHOLDERS' FUNDS

77

80

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29th February 2024 and were signed by:

A S Pollard - Director

1.	STATUTORY INFORMATION

Pollards of Newark Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises the value of goods and services supplied by the company during the period.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st June 2022

and 31st May 2023

20,000

AMORTISATION

At 1st June 2022

and 31st May 2023

20,000

NET BOOK VALUE

At 31st May 2023

-

At 31st May 2022

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1st June 2022

27,680

-

27,680

Additions

-

4,000

4,000

At 31st May 2023

27,680

4,000

31,680

DEPRECIATION

At 1st June 2022

18,536

-

18,536

Charge for year

1,372

1,000

2,372

At 31st May 2023

19,908

1,000

20,908

NET BOOK VALUE

At 31st May 2023

7,772

3,000

10,772

At 31st May 2022

9,144

-

9,144

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/23

31/5/22

£

£

Trade debtors

4,217

1,467

Directors' current accounts

29,904

36,352

Tax

9,760

11,856

Prepayments

66

109

43,947

49,784

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/23

31/5/22

£

£

Bank loans and overdrafts

10,330

10,053

Trade creditors

10,173

10,703

Tax

14,838

15,049

Accrued expenses

5,101

5,191

40,442

40,996

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/5/23

31/5/22

£

£

Bank loans - 1-2 years

10,426

10,329

Bank loans - 2-5 years

8,015

17,165

18,441

27,494

9.	PROVISIONS FOR LIABILITIES

31/5/23

31/5/22

£

£

Deferred tax

1,731

1,352

Deferred

tax

£

Balance at 1st June 2022

1,352

Accelerated capital allowances

379

Balance at 31st May 2023

1,731

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/5/23

31/5/22

value:

£

£

1

Ordinary

£1

1

1

11.	ULTIMATE CONTROLLING PARTY

The controlling party is A S Pollard.